Market Watch: Heather Westendorf loses over $49,000 on sale of Joliet home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 8012 Wood River St., Joliet
The 1,400-square-foot home has 3 bedrooms, 2.5 baths, vaulted ceilings and is located in the Minooka School District.
The seller: Heather Westendorf
The purchase: In March 2009, Westendorf paid $219,500 for the home, or roughly $259,253 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Westendorf sold the home for $210,000 on Feb. 4, or $49,253 less than the original purchase price, in today's dollars.
Westendorf listed the home for $215,000 in November 2018.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Westendorf paid $27,018 in property taxes between 2013 and 2017, or about 13 percent of the sale price.
The Financial Facts in Today’s Dollars
|Seller's Purchase Price||Amount Home Sold for in 2019||Seller’s Property Taxes|